Yoox Net-a-Porter Group: Merger creates online luxury retail super brand

Pages: 19
Published: February 2016
Report Code: ML00022-003
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In March 2015, Milan-based online luxury fashion retailer YOOX Group (YOOX) and its London-based counterpart Net-a Porter Group (NAP) announced that they had agreed an all share merger of relative equals. This became effective in October of the same year and created the internet's largest specialist luxury goods retailer.

Scope

Learn about the rationale for the merger of these two leading luxury goods e-retail brands.

Understand what YOOX, Net-a-Porter and the newly combined entity are and how they operate.

Assess the pros and cons of the all-share merger.

Reasons to buy

What is Yoox?

What is Net-a-Porter?

Why did the two choose to merge?

What are the potential future issues facing the newly-formed combined entity YOOX Net-a-Porter Group?

Companies mentioned

None

OVERVIEW

Catalyst

Summary

A MERGER OF RELATIVE EQUALS

YOOX: High end multi-brand fashion brings profitable growth

More than just Yoox.com

YOOX has significant worldwide presence

YOOX also operates a mono-brand e-commerce business

Net-a-Porter: Prime name in high-end fashion, mixed profits

Richemont acquired NAP

Financial performance has been mixed

Merger of two market leaders

SYNERGISTIC MERGER, MORE BALANCED MODEL

All-share merger creates 'YNAP'

Significant synergies expected

Merger brings together complementary skills

Reduced reliance on any one market or segment

More (potential) customers

LOW MARGIN, NARROW FOCUS, POTENTIAL CLASH

Focus on high end fashion but low margin

Net-a-Porter risks brand dilution

Richemont's involvement creates potential conflict of interest

CONCLUSIONS

YOOX Net-a-Porter Group to become a major luxury fashion power, but pitfalls must be carefully avoided

APPENDIX

Definitions

Sources

List of Tables

List of Figures

Pricing

Site: $990
Single User: $495
Enterprise: $1,238

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